Plug Power Surges After Company Plays Up Strong Revenue
Shares of Plug Power Inc. rallied Monday after the hydrogen fuel cell maker said its third-quarter revenue topped $30 million and reiterated its 2015 revenue target. "Plug Power maintains its 2015 forecast of total sales in excess of $100 million, comprising sales of more than 3,300 GenDrive units and construction of more than 15 GenFuel hydrogen storage and dispensing infrastructures," said the company in a statement. Analysts surveyed by FactSet expect the company to report third-quarter losses of 5 cents a share and revenue of $30.7 million when it announces quarterly results on Nov. 10. For 2015, analysts forecast Plug Power to post losses of 22 cents a share on revenue of $99.9 million. Plug Power rallied 7.8% to $2.49 a share. The stock is down 17% year to date.
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